Trade (1)
Entry Type : Market Buy @ CMP 0.83750
Stop Loss : 0.83300
Take Profit : 0.85600
R/R : 4.11
R/R % : .5% / 2.05%
Trade (2)
Entry Type : Limit Buy @ 0.83600
Stop Loss : 0.83300
Take Profit : 0.85600
R/R : 6.77
R/R % : .5% / 3.8%
Technical Analysis:
Price Action has triple bottomed on the H8 time frame and has had a bullish push upward. The bullish push has ended and we have now seen the corrective cycle past the 50% Fibonacci level and edging toward the 61.8% Fibonacci level. This level is also a previous support level and I believe we will find support yet again. My stop loss is placed above the 71.0 Fibonacci level which coincides with a minor resistance turned support. My take profit level is placed slightly above the -27.2 Fibonacci extension . Both trades outlined have the required criteria for my trade rules to enter the position although I will wait for a candle stick confirmation pattern before entering a market position.
Entry Type : Market Buy @ CMP 0.83750
Stop Loss : 0.83300
Take Profit : 0.85600
R/R : 4.11
R/R % : .5% / 2.05%
Trade (2)
Entry Type : Limit Buy @ 0.83600
Stop Loss : 0.83300
Take Profit : 0.85600
R/R : 6.77
R/R % : .5% / 3.8%
Technical Analysis:
Price Action has triple bottomed on the H8 time frame and has had a bullish push upward. The bullish push has ended and we have now seen the corrective cycle past the 50% Fibonacci level and edging toward the 61.8% Fibonacci level. This level is also a previous support level and I believe we will find support yet again. My stop loss is placed above the 71.0 Fibonacci level which coincides with a minor resistance turned support. My take profit level is placed slightly above the -27.2 Fibonacci extension . Both trades outlined have the required criteria for my trade rules to enter the position although I will wait for a candle stick confirmation pattern before entering a market position.
Trade active:
Trade (1) Market Buy Entered @ .83786
Removed .25% risk from my pending order to lower overall risk.
Removed .25% risk from my pending order to lower overall risk.
Trade active:
Trade (1) has reached over 30pips in profit. SL has been moved to BE.
Trade (2) has been cancelled.
Trade (2) has been cancelled.
Trade closed manually:
Trade (1) Closed Manually @ .83981